Riyadh – Mubasher: Dar Alarkan Real Estate Development Company (Dar Alarkan) reported a 92.3% year-on-year drop in profits for the first quarter of 2019.

Net profits after zakat and tax recorded SAR 25.51 million in Q1-19, compared to SAR 331.12 million in Q1-18, the real estate developer said in a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The Kingdom-based firm ascribed the decrease in Q1-19 net income to lower property sale. 

“The increase in operating expenses and the decrease in income from associates were fully off-set with the increase in non-operating income received from Islamic deposits,” the statement highlighted.

Operating profits of the Saudi developer plunged 73.14% year-on-year to SAR 117.24 million during the first three months of 2019.

In 2018, Dar Alarkan reported an 8.1% year-on-year profit decline, recording SAR 508.81 million.